Since the furniture is personal, a loss is not deductible.
(Value $2500? receive $1000 = loss). However, if you get
$1000 for it, you get to keep $1000, not taxable income..
As a tax deduction, what will it be worth? $150? $200?.

Nan, EA in LA.

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welziak[at]snet.net (Ryan) writes:

- quote -

I'll let you know in a year or so. In 2002 I hit the 50% of
AGI limitation, sadly because of some inheritances.

- quote -

What hassle? If they want the documentation you give it to
them and you're done. IMO it's silly to pass up deductions
just to avoid an audit.

Phil Marti
Topeka, KS

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Ryan <welziak[at]snet.net> wrote:

- quote -

The IRS doesn't tell us just what figures will trigger
further examination, but I also believe that you shouldn't
allow fear of an examination to prevent you from claiming
your proper amount of deductions, especially if you know you
can prove the fair market value. If you can demonstrate
the fair market value of the donations, and you should
whether for $1000 or $5000 or more, then by all means,
exercise your rights and do so.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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Maybe I'm nuts, but I wanted to run something by everyone for
opinions.

I am single, own my own home and have a AGI of around $50k
(a ballpark figure). Normally each year, I will give about
$500 in cash to my church via weekly collections (which I
give as checks) and will donate about another $500 in old
clothes, etc. to Goodwill. When tax time comes around, I
then claim a pretty routine $1000 or so as charitable
contributions on my 1040. I have the paperwork to back it
all up and even use a program to value each item of clothing
I donate.

This year, I could be much higher. I have the normal church
donations, but lost a good deal of weight and replaced my
entire wardrobe. This caused me to donate about double in
clothing to charity ($1000). I also donated about $500 on
books to a library (have value on each of them) and early
this year a relative gave me a Thomasville dining room set
that they paid over $5,000 for new 15 years ago. I put it in
my basement, am not going to use it and have decided to
donate it too.

If, at the very least, I consider the value of this
furniture $1000 (I've been told it's worth far more).

Although I'll have proof of what I donated in detail during
this tax year, would I be sending a red flag up with the IRS
if someone with my income who claims $1000 in charitable
contribution suddenly claims $3000-$4000 this year?

If so, I'll just sell the darn furniture to a used furniture
store. Not worth the hastle.

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